Financial Planning Process - A Process For Achieving Your Goals
You’ll Benefit From A Proven Process - Pash and Benson provides you a structure toward achieving financial success by establishing a process and committing to following it through:
Initial Interview - The first step in the financial planning process is the initial interview. During this meeting, the planner and the client have a chance to get acquainted with one another. The client's situation is reviewed, the financial planning process is explained, and a determination is made as to whether or not it would be beneficial to both parties to work together.
Data Gathering - If the client decides to proceed with the planning process, the next step is to schedule an appointment for a complete "data gathering." The purpose of this meeting is twofold: (1) to gather all of the essential background information about the client that will be needed to prepare a complete financial plan and (2) to establish the specific goals and objectives that the client hopes to achieve. Before this meeting, the client will be asked to bring in all pertinent information on taxes, investments, insurance, and estate distributions. Any information that they are unable to enter before the data appointment will be completed during this meeting.
Plan Preparation - After the data gathering meeting, the financial planner completely reviews the client's situation and prepares a comprehensive, written financial plan that is designed to help them achieve their goals. The financial plan includes analysis and recommendations regarding budgeting, taxes, investments, retirement planning, insurance, and estate planning. As part of this step, a financial planning policy committee reviews the completed plan to ensure that it adheres to the corporate investment policy and commonly accepted financial planning standards. Financial Planning, of course, is a process, not a static written plan. Changes in one's financial life happen too quickly and too frequently to have a permanent plan on a piece of paper. That is why the plan is just the beginning of an ongoing process that will be accomplished over the years and frequently adjusted as situations and needs change.
Plan Presentation - Once the financial plan is complete, the planner will call the client to schedule a "plan presentation" meeting. At the presentation, the written financial plan is covered in detail with the client so that they may more fully understand what it is that the planner is proposing. Any questions that the client may have or any concern that was not addressed in the plan can be covered at this meeting.
Plan Review - The client then takes the plan home to reread and review completely to ensure that everything is understood. They then return for another appointment to have any additional questions answered.
Plan Implementation - During the plan review or presentation meeting, an appointment is set up with your planner to begin implementing the plan. This meeting will typically be scheduled with enough time after the plan presentation and/or review to give the client an opportunity to completely review the plan and make decisions regarding alternatives that are presented in the plan. The true value of the financial plan lies in the implementation and, because of the broad range of financial products and services that Pash & Benson International has available, we can, in most cases, contribute to the effective implementation of the client's personal financial plan. The implementation will not necessarily be accomplished in one appointment. Implementation is an ongoing process that could be accomplished over the years. We have as much research information as the client wants to take the time to read and study before making any decisions including approved videotapes. Please ask if you would like more information than is initially given. Of course, it is unlikely that an individual will be able to exceed the amount of time that is put into our due diligence efforts.
Reviews and Updates - The process of financial planning takes place on an ongoing basis. The client's situation is reviewed continually and the performance of the financial plan is evaluated. If necessary, the plan will be revised. The reviews are usually done on an annual basis, but may take place whenever a significant change occurs (i.e., retirement, change in employment, new tax laws, new investment opportunities, etc.). Most annual reviews take place after the preparation of the last year's tax return, usually in the months of April and May, but please do not hesitate to call with a questions or discussion about anything. In the meantime, the client will receive our monthly newsletter which helps keep them updated on the financial world and we will be holding seminars and workshops throughout the year to help educate the client. Of course, the client should feel free to call anytime they feel an appointment is necessary.